According to a recent report published by Allied Market Research, titled, “Environmental Monitoring Market by Component, Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global environmental monitoring market size was valued at $19.89 billion in 2020, and is projected to reach $43.48 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030. Environmental monitoring involves the evaluation of the quality of the environment to control the risk of pollution. The primary goal of environment monitoring system is to monitors different environmental factors such as temperature, humidity, airflow, smoke, and to keep a detail record of these factors with a live video streaming using a high-quality camera. Furthermore, environmental monitoring market helps in gaining live information about present harmful pollutant discharge in the environment and to minimize this harmful pollutant by taking various precautions.
Numerous benefits associated with environment monitoring, such as preventing occupational diseases, improving the company's public image and reducing environmental pollution, are the lucrative factors that boost the growth of the environmental monitoring market size. In addition, rise in health concern and increase in deaths due to rise in pollution levels and surge in the need for better resource management drive the growth of the market. In addition, ongoing installation of environmental monitoring sensors and development of environmentally friendly industries propels the growth of the market. However, high product costs and slow implementation of pollution control reforms in emerging countries are expected to impede the environmental monitoring market growth. Furthermore, rise in participation and investments by businesses for deployment of pollution monitoring is expected to present major opportunities for the expansion of the market in future.
Depending on product type, the environmental monitoring sensors segment dominated the environmental monitoring market in 2020, and is expected to continue this trend in the upcoming years. This is attributed to increasing public awareness about the health implications and need for monitoring indoor environmental pollution. However, the wearable environmental monitors segment is expected to witness the highest growth rate during the forecast period due to increase in adoption of wearable environmental monitoring technology among the people as it offer several benefits such as monitoring environmental pollutants and detecting biomarkers for medical conditions.
Region wise, the environmental monitoring market was dominated by North America in 2020, and is expected to retain its position during the forecast period. The key factors that drive the North America market include availability of major technological company such as 3M and Danaher. However, Asia-Pacific is expected to witness significant growth rate during the environmental monitoring market forecast period, to the growing environmental pollution across China, Japan and India.
The outbreak of COVID-19 is anticipated to have a significant impact on the growth of the environmental monitoring market analysis. Significant rise in adoption of environmental monitoring by the government has been observed, owing to rise in need to monitor the presence and infection risk of SARS-CoV-2 in the environment during the COVID-19 outbreak. In addition, several people across UK, Germany and France have been adopting wastewater monitoring technology to improve the immunity to fight against COVID-19 outbreak, which propels the growth of the market. For instance, the UK’s people have used the wastewater monitoring equipment to track outbreaks of Covid-19. Thus, number of such adoption across the school and business drives the growth of the market.
The report focuses on the growth prospects, restraints, and environmental monitoring market trends. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on global environmental monitoring market.
Key Findings Of The Study
- By component, the particulate detection segment accounted for the environmental monitoring market share in 2020.
- By region, North America generated the highest revenue in 2020.
- By product type, the environmental monitoring sensors segment generated the highest revenue in 2020.
The key players operating in the global environmental monitoring industry include 3M, Danaher, Emerson Electric Co., General Electric , Honeywell International Inc., Merck KGaA , Siemens AG, Teledyne Technologies Incorporated, TE Connectivity Ltd. and Thermo Fisher Scientific Inc. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the environmental monitoring industry.